Big Jump In Credit Card Debt in December

February 9, 2015, Written By John H. Oldshue

Consumers racked up a sizeable amount of new credit card debt during the Christmas holiday.

Revolving debt, most of which is credit card debt, rose $5.8 billion during the month of December, an annualized rate of 7.9%. It was the largest increase in eight months. This followed nearly a billion dollar drop during November.

According to the latest Federal Reserve figures, consumers now have $887.9 billion in revolving debt, an annualized increase of 2.9% during the fourth quarter of 2014. This was the second consecutive quarter where the annualized increase was 2.9%. In fact, every quarter of 2014 showed an increase in revolving debt.

Overall consumer credit rose at an annualized rate of 5.4% during the fourth quarter. Non-revolving credit, which includes educational and automobile loans, rose nearly $9 billion, a 6.3% annualized rate.



The information contained within this article was accurate as of February 9, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
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